Amid increasing regulation, structural changes of the market and Quantitative Easing as well as extremely low yields, concerns about the market liquidity of the Eurozone sovereign debt markets have been raised. We aim to quantify illiquidity risks, especially such related to liquidity dry-ups,...

Am 10. und 11. Dezember 2004 veranstaltete die Akademie für Politische Bildung Tutzing eine Konferenz zu dem Thema "Wozu (heute noch) Gewerkschaften, Tarifautonomie und Flächentarifverträge". Im Mittelpunkt des ersten Tages stand die Frage nach der Reformfähigkeit bzw. -notwendigkeit des...

The reuse of collateral can support the efficient allocation of safe assets in the financial system. Exploiting a novel dataset, we show that banks substantially increase their reuse of sovereign bonds in response to scarcity induced by Eurosystem asset purchases. While repo rates react little...

We study the impact of transparency on liquidity in OTC markets. We do so by providing an analysis of liquidity in a corporate bond market without trade transparency (Germany), and comparing our findings to a market with full posttrade disclosure (the U.S.). We employ a unique regulatory dataset...

We document a sizable OTC discount in the interdealer market for German sovereign bonds where exchange and over-the-counter trading coexist: the vast majority of OTC prices are favorable compared to exchange quotes. This is a challenge for theories of OTC markets centered around...

The reuse of collateral can support the efficient allocation of assets in the financial system. Exploiting a novel dataset, we quantify banks' collateral reuse at the security level. We show that banks substantially increase their reuse of collateral in response to scarcity induced by central...

We study the impact of transparency on liquidity in OTC markets. We do so by providing an analysis of liquidity in a corporate bond market without trade transparency (Germany), and comparing our findings to a market with full post-trade disclosure (the U.S.). We employ a unique regulatory...

We study price dispersion and venue choice in the interdealer market for German sovereign bonds, where an exchange and over-the-counter segments coexist. We show that 85% of OTC traded prices are favorable with respect to exchange quotes, indicating the prevalence of an OTC discount. This...

In der heutigen Zeit ist es wichtig mit den Ressourcen sparsam umzugehen. Deshalb wird in dieser Projektarbeit im Fach Industrial Ecology die Ressourcen- und Energieeffizienz der Hochschule Reutlingen untersucht. Mit dem Aufzeigen der Potentiale in diesem Bereich können Kosten eingespart und...